(Image source: Virtual MGA homepage.)
Insurity, Inc. (Hartford), a provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, today announced that it has completed the acquisition of Austin, Texas-based Virtual MGA. The deal, which closely follows the June 22, 2020 acquisition of Epic-Premier, further expands Insurity’s cloud-based core systems offerings for the managing general agent (MGA) and broker markets. The acquisition was completed on July 7, 2020. Insurity has not disclosed the terms of the acquisition.
Virtual MGA offers a cloud-based binding authority underwriting and distribution solution for the largest wholesale brokers, syndicates, and MGAs, with a significant focus on the Lloyd’s of London and U.S. excess and surplus markets. Its tailored MGA rating, underwriting, and policy issuance solution combined with Insurity’s market-leading analytics, billing, and claims solutions will enable brokers and MGAs to expand their capabilities and services across the entire policy lifecycle with an integrated, end-to-end digital platform for all P&C standard and specialty insurance lines of business, according to an Insurity statement. By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity seeks to address all aspects of an MGA’s front-office and back-office.
“The Virtual MGA acquisition is an exceptional complement to our suite of cloud-based analytics and core system solutions, enabling us to further support the full range of our clients’ software and analytics needs and substantially grow our presence in the London wholesale broker and syndicate E&S marketplaces,” comments Chris Lafond, CEO, Insurity. “We are excited to offer their existing clients, as well as new broker, syndicate, and MGA clients, the full breadth and depth of the Insurity portfolio.”
Enhancing Client Offerings
“Insurity’s wealth of technology and particularly their API experience, along with its extensive client base of the world’s leading insurance carriers, provides us with resources and opportunities to bring our solutions to new markets,” comments Jake Hampton, president, Virtual MGA. “Further, Insurity’s cloud leadership and technology allows us to immediately enhance our client offerings in the areas of data visualization and analytics, and to accelerate our platform’s development roadmap. Insurity’s rich suite of data, analytics, claims, and billing solutions is an exceptional fit for our clients’ needs and enables us to better address their future needs.”